Mishaan of Winick Realty Group represents buyer and seller in $3.4 million sale of 592 East 183rd St., Bronx

Winick Realty Group LLC has brokered the sale of the 11,500 s/f single-story building at 592 East 183rd St., located near one of the busiest shopping districts in the borough. Senior managing director Zach Mishaan represented both the anonymous buyer and seller Rudy Izzo, whose family owned the property for 40 years, running a supermarket in the space before Rite Aid moved in 17 years ago. Rite Aid remains the current tenant, with multiple years left on their lease. "A large-box retail location of this type is rare for the Arthur Ave.business district," said Mishaan, who currently represents four additional investment sales opportunities throughout New York City and the outer boroughs. "This was a good opportunity to secure a piece of a densely-populated residential and retail area at below market rate. I believe the buyers saw strong potential for upside in years to come." The building at 592 East 183rd St. was purchased for $3.4 million, which equated to a 6.1 capitalization rate. The retail space currently rents for below $20 per s/f.